Protecting people from discriminatory targeting
April 16, 2023 / Source: CFPB
The Consumer Financial Protection Bureau (CFPB) is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities. The CFPB administers and enforces federal laws such as the Equal Credit Opportunity Act, a landmark civil rights law that protects people against discrimination in all aspects of credit transactions. Today, the CFPB filed…
CFPB Announces Revised Methodology for Determining Average Prime Offer Rates
April 16, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other…
Treasury Department Announces Over $520 Million to be Reallocated to Prevent Eviction
April 13, 2023 / Source: Treasury
In total, the Department’s reallocation of over $4.8 billion in Emergency Rental Assistance funding has ensured rapid deployment of resources to millions of families across the country ERA programs have made nearly 10.8 million household payments to families at risk of eviction WASHINGTON — Today, the U.S. Department of the Treasury announced that 82 state…
Home Mortgage Disclosure Act: FFIEC’s 2023 ‘A Guide to HMDA Reporting: Getting It Right!’
April 13, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2023 guide). The 2023 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12…
FY 2022 Office of Minority and Women Inclusion (OMWI) Annual Report to Congress
April 13, 2023 / Source: CFPB
The FY 2022 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2021 through Sept. 30, 2022. The DEIA work of CFPB aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support for Underserved Communities…
Treasury Targets Russian Financial Facilitators and Sanctions Evaders Around the World
April 12, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is further curbing Russia’s access to the international financial system through facilitators and their businesses. The United States, in coordination with the United Kingdom, is targeting the facilitation network of Alisher Usmanov, who is subject to sanctions in multiple jurisdictions….
Minutes of the Federal Open Market Committee, March 21-22, 2023
April 12, 2023 / Source: FRB
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on March 21–22, 2023. The minutes for each regularly scheduled meeting of the Committee ordinarily are published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes…
Interest Rate Risk: Interest Rate Risk Statistics Report
April 12, 2023 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today published the spring 2023 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk…
Brothers Sentenced for $1.6M COVID-19 Fraud Scheme
April 11, 2023 / Source: FDIC OIG
FOR IMMEDIATE RELEASE Tuesday, April 11, 2023 Brothers Sentenced for $1.6M COVID-19 Fraud Scheme Two men were sentenced yesterday for their participation in a COVID-19 fraud scheme, which involved fraudulent applications for $1.6 million in loans through the Paycheck Protection Program (PPP). Dumarsais Blaise Jr., 45, of Stonecrest, Georgia, was sentenced to two years and…
Vice President Harris, Treasury Department Announce Over $1.73 Billion to Improve Access to Capital, Financial Services in Underserved Communities
April 11, 2023 / Source: Treasury
Treasury Department grants awarded to mission-driven community development financial institutions specializing in delivering responsible capital, credit, and financial services to underserved communities. WASHINGTON – Today, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over…
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Registration of Money Services Businesses Regulation and FinCEN Form 107
April 11, 2023 / Source: FinCen
Release Date April 11, 2023 Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Vice President Harris, Treasury Department Announce Over $1.73 Billion to Improve Access to Capital, Financial Services in Underserved Communities
April 10, 2023 / Source: Treasury
Treasury Department grants awarded to mission-driven community development financial institutions specializing in delivering responsible capital, credit, and financial services to underserved communities. WASHINGTON – Today, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over…
OCC Opens Registration for Community Bank Director and Senior Management Workshops
April 10, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today opened registration for its 2023 schedule of workshops for board directors and senior management of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings associations to…
Microsoft to Pay Over $3.3M in Total Combined Civil Penalties to BIS and OFAC to Resolve Alleged and Apparent Violations of U.S. Export Controls and Sanctions
April 9, 2023 / Source: Treasury
The following is being released jointly by the U.S. Department of Commerce and the U.S. Department of the Treasury. WASHINGTON, D.C.—Today, as part of a coordinated enforcement effort, the Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) imposed a combined $3.3 million in civil…
Remarks by Assistant Secretary Elizabeth Rosenberg at the Center for Strategic and International Studies
April 9, 2023 / Source: Treasury
As Prepared for Delivery Thank you for inviting me here to discuss the state of our sanctions against Russia in response to its unjustified invasion of Ukraine. I put a lot of value in having these frank discussions, particularly among partners and allies, in order to inform and adapt our thinking to match the evolving…
Treasury Releases 2023 DeFi Illicit Finance Risk Assessment
April 6, 2023 / Source: Treasury
WASHINGTON — Today the U.S. Department of the Treasury published the 2023 DeFi Illicit Finance Risk Assessment, the first illicit finance risk assessment conducted on decentralized finance (DeFi) in the world. The assessment considers risks associated with what are commonly called DeFi services. While there is currently no generally accepted definition of DeFi, the term…
Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce Deficit by Hundreds of Billions
April 6, 2023 / Source: Treasury
WASHINGTON, D.C. – Today the U.S. Treasury Department and Internal Revenue Service (IRS) released the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using Inflation Reduction Act resources. The Strategic Operating Plan shows how the IRS will use these long-term resources to provide taxpayers with world-class customer service and reduce the deficit by hundreds…
Treasury Sanctions Illicit Marketplace Genesis Market
April 5, 2023 / Source: Treasury
United States and international partners disrupt darknet marketplace selling stolen credentials to cybercriminals WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action to designate Genesis Market, one of the world’s largest illicit marketplaces, for its part in the theft and sale of device credentials and related sensitive…
Treasury Sanctions Former President of Haiti’s Chamber of Deputies
April 5, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the former President of the Haitian Chamber of Deputies Gary Bodeau (Bodeau), pursuant to Executive Order (E.O.) 13818, for his extensive involvement in corruption in Haiti. E.O. 13818 builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators…
FDIC Consumer Compliance Supervisory Highlights
April 5, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) issued the March 2023 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high–level overview of consumer compliance issues identified in 2022 through the FDIC’s supervision of state non–member banks…
FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
April 5, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships. The face values of the two portfolios are approximately $27 billion and $87 billion, respectively….
Treasury Targets Two Politically Connected Brothers in Lebanon for Profiting from Public Corruption
April 4, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Lebanese brothers — Raymond Zina Rahme and Teddy Zina Rahme — who used their wealth, power, and influence to engage in corrupt practices that contribute to the breakdown of the rule of law in Lebanon, thereby undermining Lebanon’s democratic processes to the…
Former Start-Up CEO Charged In $175 Million Fraud
April 4, 2023 / Source: FDIC OIG
Tuesday, April 4, 2023 Former Start-Up CEO Charged In $175 Million Fraud Former CEO of Frank Charged with Making False Claims and Submitting False Data to J.P. Morgan Chase in $175 Million Acquisition Fraud Scheme Damian Williams, the United States Attorney for the Southern District of New York, and Patricia Tarasca, the Special Agent in…
FDIC Announces Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, New York
April 3, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single–family residential…
CFPB Issues Guidance to Address Abusive Conduct in Consumer Financial Markets
April 3, 2023 / Source: CFPB
Policy statement details post-financial crisis prohibition on illegal abusive conduct WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and end abusive conduct…